13F-HR/A 1 d669075a_13f-ahr.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F Cover Page Report for the Calendar Year or Quarter Ended March 31, 2006 Check here if Amendment: [x]; Amendment Number: 1 This Amendment (Check only one): [x] is a restatement [_] adds new holding entries. Institutional Manager Filing this Report: Name: Gardner Russo & Gardner Address: 223 East Chestnut Street Lancaster, PA 17602 13F File Number: 28-2635 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: J. Phil Gibson Title: Trader Phone: (717) 299-1385 Signature, Place and Date of Signing: /s/ J. Phil Gibson Lancaster, PA May 25, 2006 ----------------------- -------------------------- ---------------------- [Signature] [City, State] [Date] Report Type: (Check only one): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report). [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting managers(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: None. Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 450 Form 13F Information Table Value Total: $3,937,770 (in thousands) List of Other Included Managers: None Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. [If there are no entries in this list, state "NONE" and omit the column headings and list entries.] FORM 13F INFORMATION TABLE

FAIR NAME TITLE MARKET SHARES OR OF OF CUSIP VALUE PRINCIPAL SH/ INVSMT OTHR VOTING AUTHORITY ISSUER CLASS NUMBER (x 1000) AMOUNT PRN DSCRTN MGRS SOLE SHARED NONE ALTADIS SA COMMON A011040 5,846 130,176 SH SOLE 88,801 0 41,375 3I GROUP PLC COMMON G88473106 164 10,000 SH SOLE 0 0 10,000 3M CO COM 88579Y101 65 860 SH SOLE 500 0 360 A P MOLLER-MAERSK COMMON K0514G135 383 45 SH SOLE 0 0 45 A T & T INC COM 00206R102 123 4,539 SH SOLE 4,539 0 0 ABBOTT LABS COM 2824100 17,980 423,352 SH SOLE 409,786 0 13,566 ACCO BRANDS CORP COMMON 00081T108 1 47 SH SOLE 47 0 0 ACE LTD ORD G0070K103 130 2,500 SH SOLE 2,500 0 0 ACNB CORP COMMON 868109 17 800 SH SOLE 300 0 500 AES CORP COM 00130H105 921 54,000 SH SOLE 26,000 0 28,000 AES TR III PFD CV 6.75% 00808N202 303 6,500 SH SOLE 0 0 6,500 AGERE SYS INC COM 00845V308 1 49 SH SOLE 49 0 0 ALBERTSONS INC COM 13104104 815 31,750 SH SOLE 31,750 0 0 ALCOA INC COM 13817101 250 8,184 SH SOLE 7,272 0 912 ALLEGHANY CORP DEL COM 17175100 276 954 SH SOLE 635 0 319 ALLIANCE ONE INTL INC COM 18772103 124 25,500 SH SOLE 25,500 0 0 ALLSTATE CORP COM 20002101 250 4,800 SH SOLE 4,600 0 200 ALTRIA GROUP INC COM 02209S103 285,779 4,033,006 SH SOLE 3,582,241 0 450,765 AMBAC FINL GROUP INC COM 23139108 40 500 SH SOLE 0 0 500 AMERICA MOVIL SA DE CV SPON ADR L SHS 02364W105 45 1,323 SH SOLE 1,323 0 0 AMERICAN EXPRESS CO COM 25816109 2,596 49,397 SH SOLE 47,197 0 2,200 AMERICAN INTL GROUP INC COM 26874107 149,840 2,267,210 SH SOLE 1,993,949 0 273,261 AMERICAN ITALIAN PASTA CO CL A 27070101 3 500 SH SOLE 0 0 500 AMERICAN SATELLITE WARRANT 02937P116 0 42,205 SH SOLE 40,131 0 2,074 AMERICAN TOWER CORP COM 29912201 2,744 90,500 SH SOLE 88,000 0 2,500 AMERICAN WOODMARK CORP COM 30506109 36 1,000 SH SOLE 0 0 1,000 AMERIPRISE FINL INC COM 03076C106 328 7,283 SH SOLE 6,908 0 375 AMGEN INC COM 31162100 315 4,325 SH SOLE 4,325 0 0 AMSOUTH BANCORPORATION COM 32165102 34 1,250 SH SOLE 1,250 0 0 ANADARKO PETE CORP COM 32511107 84 836 SH SOLE 836 0 0 ANGLO AMERICAN PLC COMMON G03764100 482 12,500 SH SOLE 5,000 0 7,500 ANHEUSER-BUSCH COS INC COM 35229103 7,433 173,796 SH SOLE 144,336 0 29,460 AON CORP COM 37389103 21 500 SH SOLE 500 0 0 APPLE COMPUTER INC COM 37833100 3 50 SH SOLE 50 0 0 APPLERA CORP COM CE GEN GRP 38020202 7 600 SH SOLE 0 0 600 APPLIED MATLS INC COM 38222105 14 800 SH SOLE 0 0 800 APTARGROUP INC COM 38336103 1,235 22,359 SH SOLE 12,359 0 10,000 AQUILA INC COM 03840P102 40 10,000 SH SOLE 10,000 0 0 ARCTIC CAT INC COM 39670104 278 11,550 SH SOLE 3,050 0 8,500 AREVA-CI COMMON F84742109 20 30 SH SOLE 30 0 0 ARIEL FD CALV ARIE MUTUAL 40337206 4 88 SH SOLE 88 0 0 ARIEL FD SH BEN IN MUTUAL 40337107 6 120 SH SOLE 120 0 0 ARMSTRONG HOLDINGS COMMON 42384107 175 250,483 SH SOLE 250,483 0 0 ASTROPOWER INC COMMON 04644A101 0 150 SH SOLE 150 0 0 AUTOMATIC DATA PROCESSING IN COM 53015103 841 18,400 SH SOLE 18,400 0 0 AVERY DENNISON CORP COM 53611109 12 200 SH SOLE 200 0 0 AVISHUSET DAGBLADE COMMON R50065102 12,104 116,554 SH SOLE 101,280 0 15,274 AVISHUSET DAGBLADE PREFERR 5326057 409 3,939 SH SOLE 439 0 3,500 AVON PRODS INC COM 54303102 54 1,735 SH SOLE 1,735 0 0 BAKER HUGHES INC COM 57224107 7 100 SH SOLE 0 0 100 BANK OF AMERICA CORPORATION COM 60505104 4,617 101,380 SH SOLE 100,000 0 1,380 BARRICK GOLD CORP COM 67901108 4 165 SH SOLE 165 0 0 BARRY CALLEBAUT AG COMMON H05072105 124 300 SH SOLE 100 0 200 BAYERISCHE MOTOREN COMMON D12096109 41 750 SH SOLE 500 0 250 BB&T CORP COM 54937107 425 10,845 SH SOLE 10,845 0 0 BELLSOUTH CORP COM 79860102 185 5,332 SH SOLE 4,832 0 500 BELO CORP SER A 80555105 422 21,250 SH SOLE 17,550 0 3,700 BENFIELD GROUP LTD COMMON G0985D103 2,412 368,250 SH SOLE 167,250 0 201,000 BERKSHIRE HATHAWAY INC DEL CL A 84670108 293,276 3,246 SH SOLE 2,754 0 492 BERKSHIRE HATHAWAY INC DEL CL B 84670207 61,641 20,465 SH SOLE 17,902 0 2,563 BIC COMMON 5298781 3,548 52,740 SH SOLE 32,740 0 20,000 BJ SVCS CO COM 55482103 111 3,200 SH SOLE 3,200 0 0 BLOCK H & R INC COM 93671105 86,753 4,007,049 SH SOLE 3,511,910 0 495,139 BOEING CO COM 97023105 8 100 SH SOLE 100 0 0 BP PLC COMMON 798059 1,833 26,583 SH SOLE 24,063 0 2,520 BP PLC SPONSORED 055622104 230 20,000 SH SOLE 20,000 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 187 7,600 SH SOLE 7,600 0 0 BRITISH AMERN TOB PLC COMMON G1510J102 8,938 368,870 SH SOLE 228,620 0 140,250 BRITISH AMERN TOB PLC SPONSORED ADR 110448107 365 7,500 SH SOLE 7,500 0 0 BROWN FORMAN CORP CL A 115637100 118,573 1,515,304 SH SOLE 1,356,498 0 158,806 BROWN FORMAN CORP CL B 115637209 24,479 318,035 SH SOLE 270,135 0 47,900 BURNHAM HLDGS INC COMMON 122295108 117 5,582 SH SOLE 0 0 5,582 CABLEVISION SYS CORP CL A NY CABLVS 12686C109 93 3,500 SH SOLE 3,500 0 0 CADBURY SCHWEPPES PLC COMMON G17444152 86,562 8,708,488 SH SOLE 7,666,923 0 1,041,565 CADBURY SCHWEPPES PLC ADR 127209302 1,450 36,250 SH SOLE 8,150 0 28,100 CALLAWAY GOLF CO COM 131193104 0 5 SH SOLE 5 0 0 CAMECO CORP COM 13321L108 18 500 SH SOLE 500 0 0 CAMPBELL SOUP CO COM 134429109 107 3,300 SH SOLE 3,300 0 0 CANADIAN OIL SANDS COMMON 13642L100 9,572 68,000 SH SOLE 68,000 0 0 CANON INC COMMON 6132727 332 5,000 SH SOLE 5,000 0 0 CARLISLE COS INC COM 142339100 3,102 37,919 SH SOLE 37,919 0 0 CATERPILLAR INC DEL COM 149123101 36 500 SH SOLE 500 0 0 CBS CORP NEW CL B 124857202 29 1,200 SH SOLE 1,200 0 0 CENTERPOINT ENERGY INC COM 15189T107 2 200 SH SOLE 200 0 0 CENTRAL VT PUB SVC PREFERR 155771306 4 50 SH SOLE 50 0 0 CEPHEID COM 15670R107 18 2,000 SH SOLE 0 0 2,000 CHARLES RIV LABS INTL INC COM 159864107 3 62 SH SOLE 62 0 0 CHEVRON CORP NEW COM 166764100 1,660 28,628 SH SOLE 27,018 0 1,610 CHOICEPOINT INC COM 170388102 36 800 SH SOLE 800 0 0 CHUBB CORP COM 171232101 67 700 SH SOLE 700 0 0 CHURCH & DWIGHT INC COM 171340102 6 150 SH SOLE 150 0 0 CIE FINANC RICHEMO COMMON 204318109 600 12,500 SH SOLE 12,500 0 0 CIE FINANC RICHEMO COMMON 7151116 153,844 3,207,093 SH SOLE 2,858,363 0 348,730 CINCINNATI FINL CORP COM 172062101 8 200 SH SOLE 200 0 0 CISCO SYS INC COM 17275R102 3,886 179,307 SH SOLE 179,307 0 0 CITIGROUP INC COM 172967101 101,291 2,144,629 SH SOLE 1,897,042 0 247,587 CLIPPER FD INC MUTUAL 188850101 17 186 SH SOLE 186 0 0 COCA-COLA CO COM 191216100 1,605 38,324 SH SOLE 36,698 0 1,626 COLUMBIA ACORN TR MUTUAL 197199813 7 190 SH SOLE 190 0 0 COMCAST CORP NEW CL A 20030N101 876 33,486 SH SOLE 33,236 0 250 COMCAST CORP NEW CL A SPL 20030N200 140,011 5,360,292 SH SOLE 4,679,769 0 680,523 COMMONWEALTH TEL ENTERPRISES COM 203349105 50 1,440 SH SOLE 240 0 1,200 COMMUNITY BKS INC MILLERSBUR COM 203628102 253 9,347 SH SOLE 9,347 0 0 CONOCOPHILLIPS COM 20825C104 1,545 24,467 SH SOLE 22,533 0 1,934 CONSTELLATION BRANDS INC CL A 21036P108 10 400 SH SOLE 400 0 0 CORNING INC COM 219350105 78 2,900 SH SOLE 2,900 0 0 CORTEX PHARMACEUTICALS INC COM NEW 220524300 32 6,000 SH SOLE 0 0 6,000 COSTCO WHSL CORP NEW COM 22160K105 781 14,425 SH SOLE 10,625 0 3,800 COUSINS PPTYS INC COM 222795106 50 1,500 SH SOLE 0 0 1,500 CRANE CO COM 224399105 9,110 222,129 SH SOLE 181,629 0 40,500 CRESCENT FINL CORP COM 225744101 6 400 SH SOLE 400 0 0 CRH PLC COMMON XXC012696 3,973 113,625 SH SOLE 48,325 0 65,300 CVS CORP COMMON 126650100 90 3,000 SH SOLE 3,000 0 0 D & E COMMUNICATIONS INC COM 232860106 5 400 SH SOLE 400 0 0 DAILY MAIL & GEN T COMMON 945736BLA 470 38,943 SH SOLE 33,943 0 5,000 DANAHER CORP DEL COM 235851102 28 436 SH SOLE 436 0 0 DEAN FOODS CO NEW COM 242370104 58 1,500 SH SOLE 1,500 0 0 DEERE & CO COM 244199105 4,104 51,917 SH SOLE 40,717 0 11,200 DEL MONTE FOODS CO COM 24522P103 32 2,679 SH SOLE 2,679 0 0 DELPHI FINL GROUP INC CL A 247131105 181 3,500 SH SOLE 3,500 0 0 DENTSPLY INTL INC NEW COM 249030107 29 500 SH SOLE 500 0 0 DEVON ENERGY CORP NEW COM 25179M103 5,261 86,000 SH SOLE 86,000 0 0 DIAGEO PLC COMMON G42089113 103,217 6,545,176 SH SOLE 5,807,359 0 737,817 DIAGEO PLC SPON ADR NEW 25243Q205 28,417 448,008 SH SOLE 375,226 0 72,782 DISNEY WALT CO DISNEY 254687106 863 30,931 SH SOLE 29,931 0 1,000 DOVER CORP COM 260003108 3,190 65,690 SH SOLE 57,190 0 8,500 DOW JONES & CO INC COM 260561105 31 800 SH SOLE 800 0 0 DRUGSTORE COM INC COM 262241102 15 5,000 SH SOLE 0 0 5,000 DU PONT E I DE NEMOURS & CO COM 263534109 318 7,527 SH SOLE 7,527 0 0 EATON VANCE PRIME MUTUAL 277913109 17 1,796 SH SOLE 1,796 0 0 ECHOSTAR COMMUNICATIONS NEW CL A 278762109 597 20,000 SH SOLE 20,000 0 0 EDIPRESSE S A - BE COMMON H20616126 66 150 SH SOLE 150 0 0 ENCANA CORP COM 292505104 5,234 112,000 SH SOLE 112,000 0 0 ENCORE WIRE CORP COM 292562105 102 3,000 SH SOLE 3,000 0 0 ENTERGY CORP NEW COM 29364G103 9 133 SH SOLE 133 0 0 EOG RES INC COM 26875P101 288 4,000 SH SOLE 4,000 0 0 EP MEDSYSTEMS INC COM 26881P103 41 15,000 SH SOLE 0 0 15,000 EQUIFAX INC COM 294429105 493 13,240 SH SOLE 12,140 0 1,100 ESCO TECHNOLOGIES INC COM 296315104 51 1,000 SH SOLE 1,000 0 0 EVERGREEN TR STRAT MUTUAL 299909408 60 2,110 SH SOLE 2,110 0 0 EXPEDIA INC DEL COM 30212P105 30 1,500 SH SOLE 1,500 0 0 EXPEDITORS INTL WASH INC COM 302130109 216 2,500 SH SOLE 0 0 2,500 EXXON MOBIL CORP COM 30231G102 20,304 333,624 SH SOLE 288,452 0 45,172 FAIRFAX FINL HLDGS LTD SUB VTG 303901102 21 200 SH SOLE 0 0 200 FAIRHOLME FDS INC MUTUAL 304871106 7 266 SH SOLE 266 0 0 FASTENAL CO COM 311900104 83 1,750 SH SOLE 1,750 0 0 FEDERAL HOME LN MTG CORP COM 313400301 13,368 219,150 SH SOLE 178,315 0 40,835 FEDEX CORP COM 31428X106 117 1,040 SH SOLE 1,040 0 0 FIDELITY NATL FINL INC COM 316326107 83 2,336 SH SOLE 2,336 0 0 FIDELITY NATL INFORMATION SV COM 31620M106 233 5,750 SH SOLE 5,200 0 550 FIDELITY NATL TITLE GROUP IN CL A 31620R105 9 408 SH SOLE 408 0 0 FIFTH THIRD BANCORP COM 316773100 1,449 36,825 SH SOLE 13,225 0 23,600 FIRST CHESTER CNTY COMMON 31947W100 58 2,750 SH SOLE 2,750 0 0 FIRST DATA CORP COM 319963104 358 7,650 SH SOLE 7,650 0 0 FIRST PACTRUST BANCORP INC COMMON G34804107 22 58,183 SH SOLE 58,183 0 0 FORTUNE BRANDS INC COM 349631101 16 200 SH SOLE 200 0 0 FPA FDS TR FPA CRE MUTUAL 30254T759 9 332 SH SOLE 332 0 0 FPL GROUP INC COM 302571104 337 8,400 SH SOLE 7,000 0 1,400 FULLER H B CO COM 359694106 39 750 SH SOLE 750 0 0 FULTON FINL CORP PA COM 360271100 1,291 75,106 SH SOLE 49,498 0 25,608 GALLAHER GROUP PLC SPONSORED ADR 363595109 70 1,200 SH SOLE 900 0 300 GANNETT INC COM 364730101 7,680 128,177 SH SOLE 96,177 0 32,000 GENERAL DYNAMICS CORP DEL COM 369550108 1,267 19,800 SH SOLE 19,800 0 0 GENERAL ELECTRIC CO COM 369604103 8,715 250,567 SH SOLE 159,515 0 91,052 GENESEE & WYO INC CL A 371559105 16 525 SH SOLE 525 0 0 GLATFELTER COM 377316104 22 1,200 SH SOLE 400 0 800 GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 33 625 SH SOLE 625 0 0 GOLDEN WEST FINL CORP DEL COM 381317106 27 400 SH SOLE 0 0 400 GOLDMAN SACHS GROUP INC COM 38141G104 16 100 SH SOLE 100 0 0 GROUPE DANONE COMMON B018SX1 246 2,000 SH SOLE 2,000 0 0 GROUPE DANONE SPONSORED ADR 399449107 6,790 264,925 SH SOLE 210,675 0 54,250 HARLEY DAVIDSON IN COM 412822108 55 1,055 SH SOLE 1,055 0 0 HARLEYSVILLE NATL CORP PA COM 412850109 4 165 SH SOLE 0 0 165 HARTE HANKS INC COM 416196103 650 23,750 SH SOLE 23,750 0 0 HASBRO INC COM 418056107 96,736 4,584,644 SH SOLE 4,016,087 0 568,557 HCA INC COM 404119109 408 8,900 SH SOLE 8,900 0 0 HCC INS HLDGS INC COM 404132102 35 1,000 SH SOLE 1,000 0 0 HEALTH MGMT ASSOC INC NEW COM 421933102 16 750 SH SOLE 750 0 0 HEALTHSOUTH CORP COMMON 421924101 199 39,881 SH SOLE 0 0 39,881 HEARTLAND EXPRESS INC COM 422347104 2,166 99,400 SH SOLE 91,300 0 8,100 HEINEKEN HLDG NV COMMON N39338194 203,359 5,889,355 SH SOLE 5,193,169 0 696,186 HEINEKEN NV COMMON 7108048 43 1,125 SH SOLE 0 0 1,125 HEINEKEN NV UNSPON COMMON 423012202 3,881 204,796 SH SOLE 85,080 0 119,716 HEINZ H J CO COM 423074103 91 2,400 SH SOLE 2,400 0 0 HERMAN MILLER INC COM 600544100 21,476 662,836 SH SOLE 514,536 0 148,300 HERSHEY CO COM 427866108 247 4,720 SH SOLE 4,720 0 0 HEWLETT PACKARD CO COM 428236103 86 2,600 SH SOLE 2,600 0 0 HOME DEPOT INC COM 437076102 308 7,276 SH SOLE 7,276 0 0 HOMEFED CORP PAR $ COMMON 43739D307 32 500 SH SOLE 500 0 0 HORMEL FOODS CORP COM 440452100 17,463 516,661 SH SOLE 412,475 0 104,186 HSBC HLDGS PLC SPON ADR NEW 540528 336 20,000 SH SOLE 20,000 0 0 HUDSON HIGHLAND GROUP INC COM 443792106 10 524 SH SOLE 0 0 524 HUNTER DOUGLAS NV COMMON N4327C122 47 700 SH SOLE 700 0 0 IAC INTERACTIVECORP COM NEW 44919P300 44 1,500 SH SOLE 1,500 0 0 ILLINOIS TOOL WKS INC COM 452308109 96 1,000 SH SOLE 1,000 0 0 IMPERIAL TOBACCO GROUP PLC COMMON 454492 119 4,000 SH SOLE 4,000 0 0 IMPERIAL TOBACCO GROUP PLC SPONSORED ADR 453142101 28 470 SH SOLE 470 0 0 INTEL CORP COM 458140100 153 7,860 SH SOLE 7,650 0 210 INTERNATIONAL BUSINESS MACHS COM 459200101 2,516 30,513 SH SOLE 2,513 0 28,000 INTERNATIONAL SPEEDWAY CORP CL A 460335201 35,342 694,339 SH SOLE 583,839 0 110,500 INTERNATIONAL SPEEDWAY CORP COMMON 460335201 17,863 353,732 SH SOLE 326,332 0 27,400 INTERPUBLIC GROUP COS INC COM 460690100 0 9 SH SOLE 9 0 0 IPC HLDGS LTD ORD G4933P101 6 200 SH SOLE 200 0 0 IPRINT TECHNOLOGIE COMMON 462628108 0 600 SH SOLE 600 0 0 ISHARES TR S&P MIDCAP 400 464287507 16 200 SH SOLE 200 0 0 ISHARES TR S&P MIDCP VALU 464287705 1 16 SH SOLE 16 0 0 ISHARES TR S&P SMLCAP 600 464287804 20 300 SH SOLE 300 0 0 J.P. MORGAN CHASE & CO COM 46625H100 102 2,455 SH SOLE 2,255 0 200 JACOBS ENGR GROUP INC DEL COM 469814107 434 5,000 SH SOLE 3,700 0 1,300 JAMES HALSTEAD PLC COMMON G4253G129 62 10,000 SH SOLE 10,000 0 0 JC DECAUS SA ACT COMMON F5333N100 20 750 SH SOLE 0 0 750 JOHN WILEY & SONS INC CL A 968223206 40 1,050 SH SOLE 1,050 0 0 JOHNSON & JOHNSON COM 478160104 6,585 111,203 SH SOLE 107,851 0 3,352 KAO CORP JPY COMMON JP3205800 277 10,500 SH SOLE 10,500 0 0 KELLOGG CO COM 487836108 123 2,800 SH SOLE 2,400 0 400 KEYCORP NEW COM 493267108 4 100 SH SOLE 100 0 0 KIMBERLY CLARK CORP COM 494368103 202 3,500 SH SOLE 3,500 0 0 KINGSPAN GROUP PLC COMMON G52654103 3,087 201,750 SH SOLE 88,750 0 113,000 KIRIN BREWERY LTD COMMON 6493745 136 10,000 SH SOLE 10,000 0 0 KNIGHT RIDDER INC COM 499040103 25 400 SH SOLE 0 0 400 KRAFT FOODS INC CL A 50075N104 52,178 1,721,490 SH SOLE 1,531,664 0 189,826 KROGER CO COM 501044101 51 2,500 SH SOLE 2,500 0 0 KT CORP SPONSORED ADR 48268K101 11 500 SH SOLE 0 0 500 LACLEDE GROUP INC COM 505597104 14 406 SH SOLE 0 0 406 LANCASTER COLONY CORP COM 513847103 21 500 SH SOLE 0 0 500 LAUDER ESTEE COS INC COM 518439104 71 1,900 SH SOLE 1,900 0 0 LEE ENTERPRISES INC COM 523768109 2,052 61,635 SH SOLE 54,235 0 7,400 LEUCADIA NATL CORP COM 527288104 2,902 48,643 SH SOLE 44,143 0 4,500 LEVEL 3 COMMUNICATIONS INC COM 52729N100 518 100 SH SOLE 100 0 0 LEXINGTON CORP PPTYS TR COM 529043101 1,074 51,500 SH SOLE 37,500 0 14,000 LIBERTY MEDIA CORP NEW SER A 530718105 8 1,000 SH SOLE 1,000 0 0 LILLY, ELI & CO COM 532457108 625 11,300 SH SOLE 11,300 0 0 LINDT & SPRUENGLI COMMON H49983176 486 25 SH SOLE 0 0 25 LONGLEAF INT PARTN MUTUAL 543069405 7 422 SH SOLE 422 0 0 LONGLEAF PARTNERS MUTUAL 543069108 43 1,259 SH SOLE 1,259 0 0 LOREAL SA COMMON 12032 172 1,950 SH SOLE 1,950 0 0 LOWES COS INC COM 548661107 232 3,600 SH SOLE 3,000 0 600 LUCENT TECHNOLOGIES INC COM 549463107 9 2,820 SH SOLE 2,820 0 0 LUCENT TECHS INC W WARRANT 549463131 0.06 103 SH SOLE 103 0 0 M & T BK CORP COM 55261F104 240 2,099 SH SOLE 2,099 0 0 MANPOWER INC COM 56418H100 283 4,950 SH SOLE 4,950 0 0 MARATHON OIL CORP COM 565849106 61 800 SH SOLE 800 0 0 MARKEL CORP COM 570535104 24,983 73,985 SH SOLE 57,675 0 16,310 MARSH & MCLENNAN COS INC COM 571748102 260 8,850 SH SOLE 6,850 0 2,000 MARSHALL & ILSLEY CORP COM 571834100 65 1,500 SH SOLE 1,500 0 0 MARTIN MARIETTA MATLS INC COM 573284106 210,922 1,970,683 SH SOLE 1,725,634 0 245,049 MASTERS SELECT EQU MUTUAL 576417109 58 3,622 SH SOLE 3,622 0 0 MASTERS SELECT FDS MUTUAL 576417406 8 492 SH SOLE 492 0 0 MASTERS SELECT INT MUTUAL 576417208 34 1,776 SH SOLE 1,776 0 0 MASTERS SELECT SMA MUTUAL 576417307 8 502 SH SOLE 502 0 0 MATTEL INC COM 577081102 1,184 65,297 SH SOLE 48,797 0 16,500 MCCLATCHY CO CL A 579489105 85,307 1,746,311 SH SOLE 1,541,320 0 204,991 MCCORMICK & CO INC NON VTG 579780206 3,862 114,050 SH SOLE 75,050 0 39,000 MCDONALDS CORP COM 580135101 1,283 37,328 SH SOLE 36,228 0 1,100 MCGRAW HILL COS INC COM 580645109 418 7,250 SH SOLE 0 0 7,250 MCKESSON CORP COM 58155Q103 31 600 SH SOLE 600 0 0 MEDCO HEALTH SOLUTIONS INC COM 58405U102 20 354 SH SOLE 354 0 0 MEDIMMUNE INC COM 584699102 2,195 60,000 SH SOLE 60,000 0 0 MEDTRONIC INC COM 585055106 254 5,000 SH SOLE 5,000 0 0 MELLON FINL CORP COM 58551A108 1,981 55,652 SH SOLE 50,252 0 5,400 MERCK & CO INC COM 589331107 736 20,895 SH SOLE 18,586 0 2,309 MERCURY GENL CORP NEW COM 589400100 3,033 55,250 SH SOLE 46,000 0 9,250 MERITOR SVGS BK PA COMMON 590007100 14 3,000 SH SOLE 0 0 3,000 MESA RTY TR UNIT BEN INT 590660106 1,533 23,000 SH SOLE 23,000 0 0 MGI PHARMA INC COM 552880106 72 4,100 SH SOLE 2,500 0 1,600 MICROPORE INC "A" CONVERT 9129231 67 3,200 SH SOLE 3,200 0 0 MICROPORE INC "C" CONVERT 9057213 12 550 SH SOLE 550 0 0 MICROSOFT CORP COM 594918104 3,827 140,632 SH SOLE 140,324 0 308 MIRANT CORP ESCROW COMMON 604675991 0 500 SH SOLE 500 0 0 MIRANT CORP NEW COM 60467R100 0.3 13 SH SOLE 13 0 0 MIRANT CORP NEW EXP 01/03/201 60467R118 0.4 43 SH SOLE 43 0 0 ML BALANCED CAPITA MUTUAL 590192407 8 314 SH SOLE 314 0 0 MOHAWK INDS INC COM 608190104 1,703 21,100 SH SOLE 15,700 0 5,400 MOLEX INC CL A 608554200 59 2,000 SH SOLE 2,000 0 0 MONEYGRAM INTL INC COM 60935Y109 15 500 SH SOLE 500 0 0 MONSANTO CO NEW COM 61166W101 593 6,992 SH SOLE 6,792 0 200 MONSTER WORLDWIDE INC COM 611742107 75 1,500 SH SOLE 0 0 1,500 MORGAN STANLEY COM NEW 617446448 70 1,113 SH SOLE 1,113 0 0 MORGAN STANLEY CAP PREFERR 617460209 6 250 SH SOLE 250 0 0 MUENCHENER RUECKVE COMMON 5294121 107 750 SH SOLE 750 0 0 MUNIHOLDINGS FLA INSD FD COM 62624W105 74 5,211 SH SOLE 5,211 0 0 MURPHY OIL CORP COM 626717102 1,883 37,800 SH SOLE 37,500 0 300 MYLAN LABS INC COM 628530107 97 4,125 SH SOLE 4,125 0 0 NATIONAL CITY CORP COM 635405103 387 11,100 SH SOLE 11,100 0 0 NATIONAL PENN BANCSHARES INC COM 637138108 93 4,378 SH SOLE 4,378 0 0 NEENAH PAPER INC COM 640079109 1 37 SH SOLE 37 0 0 NESTLE REG ADR COMMON 641069406 237,917 3,286,151 SH SOLE 2,859,126 0 427,025 NEUE ZUERCHER ZEIT COMMON 4575827 368 6 SH SOLE 3 0 3 NEW YORK TIMES CO CL A 650111107 316 12,500 SH SOLE 12,500 0 0 NEWELL RUBBERMAID INC COM 651229106 8 315 SH SOLE 315 0 0 NEWMONT MINING CORP COM 651639106 166 3,200 SH SOLE 3,200 0 0 NEWS CORP CL A 65248E104 167 10,050 SH SOLE 9,750 0 300 NEWS CORP CL B 65248E203 35 2,000 SH SOLE 2,000 0 0 NISSAN MOTORS COMMON J57160129 10 800 SH SOLE 0 0 800 NOBLE ENERGY INC COM 655044105 105 2,400 SH SOLE 2,400 0 0 NOKIA CORP SPONSORED ADR 654902204 410 19,765 SH SOLE 18,765 0 1,000 NORFOLK SOUTHERN CORP COM 655844108 35 643 SH SOLE 643 0 0 NORGES HANDELS OG COMMON 5068627 2,229 17,172 SH SOLE 16,872 0 300 NORTH FORK BANCORPORATION NY COM 659424105 6 200 SH SOLE 200 0 0 NORTHERN TR CORP COM 665859104 281 5,350 SH SOLE 5,250 0 100 NUVEEN PA INVT QUALITY MUN F COM 670972108 23 1,630 SH SOLE 1,630 0 0 OAK VALUE TR MUTUAL 67181Q102 7 236 SH SOLE 236 0 0 OAKMARK FUND - CLA MUTUAL 413838103 8 198 SH SOLE 198 0 0 OCCIDENTAL PETE CORP DEL COM 674599105 93 1,000 SH SOLE 1,000 0 0 OMNICOM GROUP INC COM 681919106 6,197 74,435 SH SOLE 67,535 0 6,900 ORACLE CORP COM 68389X105 9 650 SH SOLE 650 0 0 PARGESA HOLDING AG COMMON H60477207 8,837 91,600 SH SOLE 62,350 0 29,250 PARKER HANNIFIN CORP COM 701094104 40 500 SH SOLE 500 0 0 PARTRIDGE FINE ART COMMON 673231BLA 361 494,601 SH SOLE 491,601 0 3,000 PENTAIR INC COMMON 709631105 4 100 SH SOLE 100 0 0 PEPSICO INC COM 713448108 9,592 165,972 SH SOLE 145,347 0 20,625 PERNOD RICARD S A COMMON F72027109 74,791 389,599 SH SOLE 340,046 0 49,553 PERNOD RICARD S A COMMON 714264108 499 10,388 SH SOLE 10,388 0 0 PETROCHINA CO LTD SPONSORED ADR 71646E100 98 935 SH SOLE 935 0 0 PFIZER INC COM 717081103 3,456 138,676 SH SOLE 135,426 0 3,250 PHILIP MORRIS CR A COMMON 4874546 9,204 13,433 SH SOLE 12,538 0 895 PIMCO FDS PAC INVT MUTUAL 693390445 197 19,033 SH SOLE 19,033 0 0 PIONEER NAT RES CO COM 723787107 487 11,000 SH SOLE 8,300 0 2,700 PITNEY BOWES INC COM 724479100 62 1,440 SH SOLE 1,440 0 0 PNC FINL SVCS GROUP INC COM 693475105 637 9,460 SH SOLE 7,460 0 2,000 PONTIAC BANCORP IN COMMON 732490107 17 55 SH SOLE 55 0 0 PORTUGAL TELCM SGPS SA COMMON X6769Q104 9 750 SH SOLE 0 0 750 POZEN INC COM 73941U102 23 1,400 SH SOLE 0 0 1,400 PPL CORP COM 69351T106 50 1,700 SH SOLE 1,200 0 500 PRAXAIR INC COM 74005P104 99 1,800 SH SOLE 1,800 0 0 PRICE T ROWE GROUP INC COM 74144T108 4 50 SH SOLE 50 0 0 PROCTER & GAMBLE CO COM 742718109 4,094 71,038 SH SOLE 68,201 0 2,837 PROGRESSIVE CORP OHIO COM 743315103 25,802 247,481 SH SOLE 191,681 0 55,800 PROLOGIS SH BEN INT 743410102 125 2,337 SH SOLE 1,237 0 1,100 PROTECTIVE LIFE CORP COM 743674103 6 112 SH SOLE 112 0 0 RAINING DATA CORP COM 75087R108 68 25,000 SH SOLE 10,000 0 15,000 RAYTHEON CO COM NEW 755111507 7 156 SH SOLE 156 0 0 READYMIX ORD COMMON 726782BLA 5,118 1,874,600 SH SOLE 1,744,600 0 130,000 RECKITT BENCKISER COMMON G7420A107 687 19,500 SH SOLE 19,500 0 0 RELIANT ENERGY INC COM 75952B105 9 865 SH SOLE 865 0 0 RENAISSANCERE HOLDINGS LTD COM G7496G103 8 175 SH SOLE 0 0 175 RINKER GROUP LTD COMMON 6599386 4,772 335,565 SH SOLE 210,565 0 125,000 RITE AID CORP COM 767754104 14 3,500 SH SOLE 3,500 0 0 ROBBINS & MYERS INC NOTE 8.000% 1/3 770196AB9 8 8,000 SH SOLE 8,000 0 0 ROCHE HOLDING AG COMMON 1203204 603 4,050 SH SOLE 4,050 0 0 ROSS STORES INC COM 778296103 1,751 60,000 SH SOLE 60,000 0 0 ROWE T PRICE EQUIT MUTUAL 779547108 57 2,115 SH SOLE 2,115 0 0 ROYAL BK SCOTLAND GROUP PLC COMMON G76891111 16 500 SH SOLE 0 0 500 ROYAL DUTCH SHELL PLC SPON ADR B 780259107 657 10,079 SH SOLE 10,079 0 0 ROYAL DUTCH SHELL PLC SPON ADR A 780259206 5,066 81,366 SH SOLE 59,666 0 21,700 SAFEWAY INC COM NEW 786514208 18 700 SH SOLE 500 0 200 SAMSUNG ELECTRONIC COMMON 796050888 41 125 SH SOLE 0 0 125 SANOFI-AVENTIS SPONSORED ADR F5548N105 29 300 SH SOLE 0 0 300 SCHERING PLOUGH CORP COM 806605101 38 2,000 SH SOLE 2,000 0 0 SCHIBSTED A/S COMMON MS164618 1,407 51,037 SH SOLE 46,037 0 5,000 SCHLUMBERGER LTD COM 806857108 696 5,500 SH SOLE 5,500 0 0 SCHULMAN A INC COM 808194104 223 8,999 SH SOLE 8,999 0 0 SCHWAB CHARLES CORP NEW COM 808513105 75 4,350 SH SOLE 1,350 0 3,000 SCHWEITZER-MAUDUIT INTL INC COM 808541106 44,230 1,842,923 SH SOLE 1,677,168 0 165,755 SCOTTS MIRACLE-GRO CO CL A 810186106 5,931 129,615 SH SOLE 107,615 0 22,000 SCRIPPS E W CO OHIO CL A 811054204 120,153 2,687,383 SH SOLE 2,351,392 0 335,991 SEAGATE TECGBIKIGT WARRANT 811804988 0 200 SH SOLE 0 0 200 SLM CORP COM 78442P106 26 500 SH SOLE 0 0 500 SMITH & NEPHEW PLC COMMON 922320 44 5,000 SH SOLE 5,000 0 0 SMITHFIELD FOODS INC COM 832248108 238 8,100 SH SOLE 7,100 0 1,000 SMUCKER J M CO COM NEW 832696405 0 6 SH SOLE 6 0 0 SOUTHERN UN CO NEW COM 844030106 35 1,408 SH SOLE 1,408 0 0 SOVEREIGN BANCORP INC COM 845905108 23 1,071 SH SOLE 200 0 871 ST JOE CO COM 790148100 1,257 20,000 SH SOLE 20,000 0 0 ST PAUL TRAVELERS INC COMMON 792860108 578 13,834 SH SOLE 12,719 0 1,115 STAPLES INC COM 855030102 584 22,887 SH SOLE 21,187 0 1,700 STEPAN CO COM 858586100 67 2,284 SH SOLE 2,284 0 0 STERLING FINL CORP COM 859317109 107 4,921 SH SOLE 4,921 0 0 STREETTRACKS GOLD TR GOLD SHS 863307104 29 500 SH SOLE 500 0 0 SUN MICROSYSTEMS INC COM 866810104 7,537 1,469,194 SH SOLE 1,469,194 0 0 SUNCOR ENERGY INC COM 867229106 1,132 14,700 SH SOLE 900 0 13,800 SUNTRUST BKS INC COM 867914103 60 825 SH SOLE 825 0 0 SUSQUEHANNA BANCSHARES INC COM 869099101 304 11,798 SH SOLE 8,113 0 3,685 SWEDISH MATCH AB COMMON W92277115 12,617 920,275 SH SOLE 693,275 0 227,000 SYNGENTA AG COMMON 4356646 162 1,150 SH SOLE 1,150 0 0 SYSCO CORP COM 871829107 124 3,875 SH SOLE 3,350 0 525 TAMEDIA AG COMMON 4498816 3,795 38,030 SH SOLE 25,180 0 12,850 TARGET CORP COM 87612E106 213 4,100 SH SOLE 3,950 0 150 TELEFONICA S A SPONSORED ADR 879382208 0 1 SH SOLE 1 0 0 TELEGRAAF MEDIA GR COMMON N8502L104 133,179 5,176,001 SH SOLE 4,552,875 0 623,126 TEMPLETON GLOBAL INCOME FD COM 880198106 6 702 SH SOLE 702 0 0 TEXAS INSTRS INC COM 882508104 409 12,600 SH SOLE 11,300 0 1,300 THIRD AVE FD REAL MUTUAL 884116401 9 292 SH SOLE 292 0 0 THIRD AVE SM CAP V MUTUAL 884116203 8 320 SH SOLE 320 0 0 THIRD AVE VALUE FD MUTUAL 884116104 10 172 SH SOLE 172 0 0 THIRD AVENUE INT V MUTUAL 884116500 10 424 SH SOLE 424 0 0 TIFFANY & CO NEW COM 886547108 227 6,050 SH SOLE 6,050 0 0 TIM HORTONS INC COMMON 88706M103 5 200 SH SOLE 0 0 200 TIME WARNER INC COM 887317105 965 57,458 SH SOLE 39,758 0 17,700 TJX COS INC NEW COM 872540109 2,230 89,861 SH SOLE 79,861 0 10,000 TOKHEIM CORP WT SE WARRANT 889073136 0 200 SH SOLE 200 0 0 TOOTSIE ROLL INDS INC COM 890516107 39 1,336 SH SOLE 0 0 1,336 TORCHMARK CORP COM 891027104 183 3,200 SH SOLE 1,400 0 1,800 TOTAL S A SPONSORED ADR 89151E109 356 2,700 SH SOLE 2,700 0 0 TOTAL SA COMMON 4905413 198 750 SH SOLE 750 0 0 TOYOTA MOTOR CORP COMMON 6900643 192 3,500 SH SOLE 3,500 0 0 TREEHOUSE FOODS INC COM 89469A104 12 450 SH SOLE 450 0 0 TRIBUNE CO NEW COM 896047107 55 2,000 SH SOLE 1,900 0 100 TWEEDY BROWNE FD A MUTUAL 901165209 7 276 SH SOLE 276 0 0 TWEEDY BROWNE FD G MUTUAL 901165100 13 454 SH SOLE 454 0 0 TXU CORP COM 873168108 55 1,220 SH SOLE 320 0 900 TYCO INTL LTD NEW COM 902124106 2 58 SH SOLE 58 0 0 UBS AG COM BLANK 66 600 SH SOLE 600 0 0 UNB CORP PA COMMON 903057107 17 105 SH SOLE 105 0 0 UNILEVER N V NY SHS NEW 904784709 70,466 1,018,006 SH SOLE 893,491 0 124,515 UNILEVER PLC SPON ADR NEW 904767704 24 573 SH SOLE 573 0 0 UNION NATL FINL CO COMMON 907647101 143 7,820 SH SOLE 7,820 0 0 UNION PAC CORP COM 907818108 39 421 SH SOLE 421 0 0 UNITED OVERSEAS BK COMMON 911271302 17 875 SH SOLE 875 0 0 UNITED PARCEL SERVICE INC CL B 911312106 12 150 SH SOLE 150 0 0 UNITED TECHNOLOGIES CORP COM 913017109 6 100 SH SOLE 100 0 0 UNIVERSAL CORP VA COM 913456109 4,455 121,150 SH SOLE 106,000 0 15,150 UNIVERSAL DISPLAY CORP COM 91347P105 101 7,000 SH SOLE 0 0 7,000 UNIVISION COMMUNICATIONS INC CL A 914906102 27 783 SH SOLE 783 0 0 UNUMPROVIDENT CORP COM 91529Y106 213 10,400 SH SOLE 10,000 0 400 US GLOBAL INVS INC CL A 902952100 62 4,000 SH SOLE 4,000 0 0 USA MOBILITY INC COM 90341G103 1,103 38,735 SH SOLE 35,835 0 2,900 UST INC COM 902911106 114,990 2,764,188 SH SOLE 2,452,238 0 311,950 VALASSIS COMMUNICATIONS INC COM 918866104 235 8,000 SH SOLE 7,500 0 500 VALUE LINE INC COM 920437100 266 7,200 SH SOLE 7,200 0 0 VANGUARD INDEX TR MUTUAL 922908207 38 1,010 SH SOLE 1,010 0 0 VECTREN CORP COM 92240G101 164 6,216 SH SOLE 4,797 0 1,419 VERIZON COMMUNICATIONS COM 92343V104 93 2,730 SH SOLE 2,120 0 610 VIACOM INC NEW CL B 92553P201 47 1,200 SH SOLE 1,200 0 0 VIAD CORP COM NEW 92552R406 4 125 SH SOLE 125 0 0 VNU N V COMMON N93612104 616 18,900 SH SOLE 18,900 0 0 VNU N V ADR SPONSO COMMON 92856P106 32 1,000 SH SOLE 1,000 0 0 VODAFONE GROUP PLC NEW SPONSORED ADR 92857W100 17 800 SH SOLE 800 0 0 VORNADO RLTY TR SH BEN INT 929042109 1,824 19,000 SH SOLE 0 0 19,000 VULCAN MATLS CO COM 929160109 9,432 108,850 SH SOLE 68,300 0 40,550 WACHOVIA CORP 2ND NEW COM 929903102 8,323 148,490 SH SOLE 106,284 0 42,206 WACHOVIA CORP PFD PREFERR 929903201 0.2 800 SH SOLE 800 0 0 WAL MART STORES INC COM 931142103 2,473 52,348 SH SOLE 49,848 0 2,500 WALGREEN CO COM 931422109 644 14,926 SH SOLE 12,726 0 2,200 WAL-MART DE MEXICO COMMON P98180105 79 30,000 SH SOLE 0 0 30,000 WASHINGTON MUT INC COM 939322103 107 2,500 SH SOLE 0 0 2,500 WASHINGTON POST CO CL B 939640108 129,977 167,334 SH SOLE 145,263 0 22,071 WAUWATOSA HLDGS INC COM 94348P108 14 1,062 SH SOLE 1,062 0 0 WEGENER CORP COMMON N5213D116 20,600 1,238,730 SH SOLE 1,113,980 0 124,750 WELLPOINT INC COM 94973V107 201 2,590 SH SOLE 2,590 0 0 WELLS FARGO & CO NEW COM 949746101 159,628 2,499,266 SH SOLE 2,202,926 0 296,340 WESCO FINL CORP COM 950817106 346 866 SH SOLE 666 0 200 WHOLE FOODS MKT INC COM 966837106 53 800 SH SOLE 800 0 0 WILLIS GROUP HOLDINGS LTD SHS G96655108 10 300 SH SOLE 300 0 0 WPP GROUP PLC COMMON B0J6N10 2,593 215,864 SH SOLE 215,864 0 0 WRIGLEY WM JR CO COM 982526105 164 2,570 SH SOLE 2,220 0 350 WYETH COM 983024100 581 11,982 SH SOLE 11,982 0 0 YACKTMAN FD INC MUTUAL 984281105 8 534 SH SOLE 534 0 0 YORK WTR CO COM 987184108 160 6,080 SH SOLE 6,080 0 0 ZIMMER HLDGS INC COM 98956P102 30 450 SH SOLE 330 0 120

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